My #8

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State the four requirements of a negotiable instrument. 

Identify the advantages of using checks. 

Identify the three most common types of bank accounts. 

Explain how to handle mistakes made when preparing a check.

please complete all of the activities . 

Vocabulary review 

Part I Short Answers

My #8
Unit #8 The Medical Assistant, 13th Edition Chapter 17: Banking Services and Procedures VOCABULARY REVIEW One point each (1) Fill in the blank with the correct vocabulary terms from the list. A check that is not honored by the bank issuing the check because there were not sufficient funds in the entity’s bank account or the account has been closed _________________________________ The misuse of a healthcare facility’s funds for personal gain _________________________________ A payment the bank makes in exchange for using money _________________________________ Money in a bank account that is not assigned to pay for any office expenses _________________________________ A bank draft or an order to pay a certain sum of money on demand to a specified person or entity _________________________________ Global technology that includes embedded microchips that store and protect cardholder data _________________________________ A document used to withdraw money from one bank account and deposit it into another _________________________________ The bank on which the check is drawn or written _________________________________ A bank account against which checks can be written and funds can be transferred to the payable party _________________________________ The person who signs his or her name on the back of a check for the purpose of transferring all rights in the check to another party _________________________________ A capital sum of money due as a debt or used as a fund for which interest is either charged or paid _________________________________ The person presenting the check for payment _________________________________ Nine-digit code printed on the bottom left side of checks that identifies the bank upon which the check was drawn _________________________________ Check Checking Account Discretionary income Drawee Endorser Embezzlement EMV chip technology Holder Interest Negotiable instruments Nonsufficient funds check Principal Routing transit number SKILLS AND CONCEPTS Part I: Short Answers (4 points) Describe the following types of banking fees. Account maintenance fee:_______________________________________________ Overdraft fee:__________________________________________________________ Nonsufficient funds fee:_________________________________________________ Transaction fee:________________________________________________________ (1 point) In the ambulatory care setting, what is the checking account used for? _________________________________________________________________________ _________________________________________________________________________ (1 point) In the ambulatory care setting, what is a savings account used for? _________________________________________________________________________ _________________________________________________________________________ (2 points) You are a medical assistant in a small practice and have been told that you now have the responsibility for paying the bills by writing out and signing the checks. What is the first action you need to take before writing out the first check? _________________________________________________________________________ _________________________________________________________________________ (5 points) Name six activities that can be done with basic online banking services. ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ (4 points) List the four requirements for a check to be negotiable. ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ (5 points) Name five documents that can be used to withdraw money from one bank account and deposit it into another. ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ (5 points) Describe five precautions for accepting checks in the healthcare facility. ____________________________________________________________________ ______________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ (1 point) Describe the adjustments that are made to the patient’s account when an NSF check is received by the healthcare facility. _________________________________________________________________________ _________________________________________________________________________ (4 points) Describe four precautions to take if a patient is paying with cash. ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ (1 point) Describe precautions to take when a patient pays with a debit card or a credit card. _________________________________________________________________________ _________________________________________________________________________ (5 points) Describe the banking procedures as related to the ambulatory care setting and include the medical assistant’s role with each procedure: Making bank deposits:_________________________________________________ Preparing a bank deposit:_______________________________________________ Endorsing checks:_____________________________________________________ Writing checks:________________________________________________________ Bank statement reconciliation:_____________________________________________ (1 point) Why is it important to make bank deposits of cash and checks daily? _________________________________________________________________________ _________________________________________________________________________ (3 points) Describe three ways to do a mobile deposit of a check. ______________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ (3 points) Describe each type of endorsement. Blank endorsement:____________________________________________________ Restrictive endorsement:_________________________________________________ Special endorsement:____________________________________________________ (1 point) With regard to checks, define stop-payment. _________________________________________________________________________ _________________________________________________________________________ (3 points) List three reasons a stop-payment would be done. ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ (1 point) Define direct deposit. _________________________________________________________________________ _________________________________________________________________________ (1 point) If a mistake is made when preparing a check, what should be done? _________________________________________________________________________ _________________________________________________________________________ (1 point) What is a fidelity bond? _________________________________________________________________________ _________________________________________________________________________

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